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Luxury Properties in Greece and worldwide

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Why Cyprus?
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GOLDEN RULES

  • We recommend purchasing a property  only in the Greek part of Cyprus, because the ownership situation in the Turkish area is not finally resolved.
  • Any citizen of the European Community can easily purchase a property in Cyprus.
  • With the acquisition of a property, Non European citizens can receive a residence permit, which is valid for four years.
  • The ownership will be registered in the land registry office.
  • The property transfer tax is based on the value of the property (3% -  8%). If the property is registered in both names of a married couple, the tax is 50%.
  • In conclusion of the contract a stamp duty is payable, which also depends on the amount. It is between 0.15% - 0.2%
  • Since 2004 there is a VAT tax of 15% for new buildings, and since 2007 this is also valid for the purchase of land. Resale properties are free of this tax..
  • There is an annual property tax, which is calculated to the value of the property. At a value of up to CYP 100,000 no tax is payable. With a value of over CYP 500.000, 4% will be charged.
  • There is no inheritance tax.
  • There is a capital gains tax of 20% on the resale proceeds. For foreigners, there is no capital gain tax if they sell their property again.
     
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